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<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
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<td style="width: 0.25in;">1.</td>
<td style="text-align: justify;">GENERAL</td>
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</table>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.</p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.</p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2015.</p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">A group that includes the Company’s Chairman of the Board, R. Randall Rollins and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.</p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Certain prior year balances have been reclassified to conform to the current year presentation.</p>
</div>
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<td style="width: 0.25in; text-align: left;">2.</td>
<td style="text-align: justify;">RECENT ACCOUNTING PRONOUNCEMENTS</td>
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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.25in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.25in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Recently Adopted Accounting Pronouncements:</i></b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i> </i></b></p>
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<td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td>
<td><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Accounting Standards Update No. 2015-16, <i>Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. </i></b>To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments in this ASU eliminate the requirement to retrospectively account for those adjustments. Instead, an acquirer is required to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. All of the changes are to be recorded in the reporting period and calculated as if the accounting had been completed at the acquisition date and either disclosed on the face of the income statement or in the notes by each category. The Company adopted these provisions in the first quarter of 2016 and plans to apply the provisions for all business combinations completed hereafter. The adoption did not have a material impact on the Company’s consolidated financial statements.</font></td>
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<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
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<td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td>
<td><font style="font-family: 'times new roman', times, serif;"><b>Accounting Standards Update (ASU) No. 2015-07, <i>Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).</i></b> The amendments apply to the fair value of an investment that is measured using the net asset value per share (or its equivalent) practical expedient. The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The Company adopted these provisions in the first quarter of 2016 and the adoption did not have a material impact on the Company’s consolidated financial statements.</font></td>
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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td>
<td><font style="font-family: 'times new roman', times, serif;"><b>Accounting Standards Update No. 2014-15<i>, Presentation of Financial Statements —Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. </i></b>The provisions in this ASU are intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Currently, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. This going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. This ASU provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern and the related footnote disclosures. The Company adopted these provisions in the first quarter of 2016 and will provide such disclosures as required if there are conditions and events that raise substantial doubt about its ability to continue as a going concern. The adoption did not have a material impact on the Company’s consolidated financial statements.</font></td>
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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Recently Issued Accounting Pronouncements Not Yet Adopted:</i></b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i> </i></b></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
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<td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td>
<td><font style="font-family: 'times new roman', times, serif;"><b>Accounting Standards Update No. 2016-09, <i>Compensation —Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. </i></b>The amendments are intended to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including: <i>(a)</i> income tax consequences; <i>(b)</i> classification of awards as either equity or liabilities; and <i>(c)</i>classification within the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any organization in any interim or annual period. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.</font></td>
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<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
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<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;"><b>·</b></font></td>
<td><font style="font-family: 'times new roman', times, serif;"><b>Accounting Standards Update No. 2016-08, <i>Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). </i></b>The amendments relate to when another party, along with the entity, is involved in providing a good or service to a customer. Topic 606 <i>Revenue from Contracts with Customers</i> requires an entity to determine whether the nature of its promise is to provide that good or service to the customer (i.e., the entity is a principal) or to arrange for the good or service to be provided to the customer by the other party (i.e., the entity is an agent). The effective date and transition of these amendments is the same as the effective date and transition of ASU 2014-09, <i>Revenue from Contracts with Customers (Topic 606).</i> The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;"><b>·</b></font></td>
<td><font style="font-family: 'times new roman', times, serif;"><b>Accounting Standards Update No. 2016-07, <i>Investments —Equity Method and Joint Ventures </i>(Topic 323) <i>Simplifying the Transition to the Equity Method of Accounting.</i> </b>These amendments affect all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence.<b><i> </i></b>The amendments eliminate the requirement to adjust the investment, results of operations, and retained earnings retroactively when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence. Instead, the cost of acquiring the additional interest in the investee is to be added to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for it. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method.<b><i> </i></b>The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The Company is currently evaluating the impact of these provisions on its consolidated financial statements.</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td>
<td><font style="font-family: 'times new roman', times, serif;"><b>Accounting Standards Update No. 2016-02 —<i>Leases (Topic 842). </i></b>Under the new guidance, lessees will need to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease), at the commencement of the lease term. The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs.<b><i> </i></b>The new lease guidance simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted.<b><i> </i></b>Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;"><b>·</b></font></td>
<td><font style="font-family: 'times new roman', times, serif;"><b>Accounting Standards Updates No. 2016-01, <i>Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. </i></b>The new guidance is intended to improve the recognition and measurement of financial instruments. The new guidance makes targeted improvements to existing U.S. GAAP and affects accounting for equity investments and financial instruments and liabilities and related disclosures. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years with early adoption permitted for certain provisions. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td>
<td><font style="font-family: 'times new roman', times, serif;"><b>Accounting Standards Update No. 2015-11,<i> Inventory (Topic 330): Simplifying the Measurement of Inventory. </i></b>Current guidance requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximated normal profit margin. These amendments simplify the measurement process and allows inventory to be measured at lower of cost or net realizable value and eliminates the market requirement. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments do not apply to inventory that is measured using last-in, first-out or the retail inventory method. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments are to be applied prospectively with earlier application permitted. The Company plans to adopt these provisions in the first quarter of 2017 and currently does not expect the adoption to have a material impact on its consolidated financial statements.</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.5in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i> </i></b></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;"><b>·</b></font></td>
<td><font style="font-family: 'times new roman', times, serif;"><b>Accounting Standards Update 2014-09<i>, Revenue from Contracts with Customers (Topic 606). </i></b>This ASU affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply a five step process – (i) identifying the contract(s) with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations in the contract and (v) recognizing revenue when (or as) the entity satisfies a performance obligation. The Company plans to adopt these provisions in the first quarter of 2018 in accordance with ASU 2015-14 that deferred the effective date of ASU 2014-09 for all entities by one year. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.</font></td>
</tr>
</table>
<div>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;">3.</td>
<td style="text-align: justify;">EARNINGS PER SHARE</td>
</tr>
</table>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Basic and diluted earnings per share are computed by dividing net income by the weightedaverage number of shares outstanding during the respective periods. In addition, the Companyhas periodically issued share-based payment awards that contain non-forfeitable rights todividends and are therefore considered participating securities. Restricted shares of commonstock (participating securities) outstanding and a reconciliation of weighted average sharesoutstanding is as follows:</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 2px;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2px;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="6" nowrap="nowrap">
<p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Three months ended</b></p>
<p style="text-align: center; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>March 31</b></p>
</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; font-style: italic;" nowrap="nowrap">(In thousands)</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;" nowrap="nowrap">2016</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: right;" nowrap="nowrap">2015</td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; width: 1113px;">Net income available for stockholders:</td>
<td style="width: 16px; font-weight: bold;"> </td>
<td style="text-align: left; width: 15px; font-weight: bold;">$</td>
<td style="text-align: right; width: 150px; font-weight: bold;">3,921</td>
<td style="text-align: left; width: 15px; font-weight: bold;"> </td>
<td style="width: 15px;"> </td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 150px;">2,929</td>
<td style="text-align: left; width: 15px;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;">Less: Adjustments for earnings attributable to participating securities</td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">(129</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;">)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">(95</td>
<td style="border-bottom: black 2px solid; text-align: left;">)</td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 4px double; text-align: left;">Net Income in calculating earnings per share</td>
<td style="border-bottom: black 4px double; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">3,792</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">2,834</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td>Weighted average shares outstanding (including participating securities)</td>
<td style="font-weight: bold;"> </td>
<td style="text-align: left; font-weight: bold;"> </td>
<td style="text-align: right; font-weight: bold;">38,298</td>
<td style="text-align: left; font-weight: bold;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">37,028</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;">Adjustment for participating securities</td>
<td
style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">(1,291</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;">)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">(1,244</td>
<td style="border-bottom: black 2px solid; text-align: left;">)</td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left;">Shares used in calculating basic earnings per share</td>
<td style="font-weight: bold;"> </td>
<td style="text-align: left; font-weight: bold;"> </td>
<td style="text-align: right; font-weight: bold;">37,007</td>
<td style="text-align: left; font-weight: bold;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">35,784</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;">Dilutive effect of stock based awards</td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">236</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 4px double; text-align: left;">Shares used in calculating diluted earnings per share</td>
<td style="border-bottom: black 4px double; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">37,007</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double; text-align: right;">36,020</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
</tr>
</table>
</div>
<div>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: left; width: 0.25in;">4.</td>
<td style="text-align: justify;">STOCK-BASED COMPENSATION</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. All future equity compensation awards by the Company will be issued under the 2014 plan. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of March 31, 2016, there were approximately 2,248,300 shares available for grant. During the first quarter of 2016, the Company recorded accelerated amortization of restricted stock of approximately $660 thousand that related to shares held by an executive officer that vested immediately upon his death.</div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Stock-based compensation for the three months ended March 31, 2016 and 2015 were as follows:</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 75%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic; border-top: black 2px solid;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid; font-weight: bold;" colspan="6" nowrap="nowrap">Three months ended March 31,</td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: justify;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2015</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: justify; width: 928px;">Pre – tax cost</td>
<td style="width: 13px; font-weight: bold;"> </td>
<td style="text-align: left; width: 13px; font-weight: bold;">$</td>
<td style="text-align: right; width: 126px; font-weight: bold;">1,168</td>
<td style="text-align: left; width: 12px; font-weight: bold;"> </td>
<td style="width: 12px;"> </td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">487</td>
<td style="text-align: left; width: 12px;"> </td>
</tr>
<tr style="background-color: transparent; vertical-align: bottom;">
<td style="text-align: left;">After tax cost</td>
<td style="font-weight: bold;"> </td>
<td style="text-align: left; font-weight: bold;">$</td>
<td style="text-align: right; font-weight: bold;">753</td>
<td style="text-align: left; font-weight: bold;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">314</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><i>Restricted Stock</i></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><i> </i></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2016:</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted<br />Average<br />Grant-Date<br />Fair Value</td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="width: 903px;">Non-vested shares at December 31, 2015</td>
<td style="width: 15px;"> </td>
<td style="text-align: left; width: 14px;"> </td>
<td style="text-align: right; width: 211px;">1,254,200</td>
<td style="text-align: left; width: 14px;"> </td>
<td style="width: 14px;"> </td>
<td style="text-align: left; width: 14px;">$</td>
<td style="text-align: right; width: 211px;">6.80</td>
<td style="text-align: left; width: 14px;"> </td>
</tr>
<tr style="background-color: transparent; vertical-align: bottom;">
<td>Granted</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">371,950</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5.77</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td>Vested</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(410,450</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">6.39</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: transparent; vertical-align: bottom;">
<td style="border-bottom: black 2px solid;">Forfeited</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 4px double;">Non-vested shares at March 31, 2016</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double; text-align: right;">1,215,700</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">6.59</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The total fair value of shares vested was approximately $2,560,000 during the three months ended March 31, 2016 and $2,254,000 during the three months ended March 31, 2015. Tax benefits for compensation tax deductions in excess of compensation expense totaling approximately $151,000 for the three months ended March 31, 2016 and $185,000 for the three months ended March 31, 2015 were credited to capital in excess of par value and classified as financing cash flows.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><i>Other Information</i></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">As of March 31, 2016, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,887,000. This cost is expected to be recognized over a weighted-average period of 4.2 years.</div>
</div>
<div>
<table style="font: 10pt/normal 'times new roman', times, serif; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: left; width: 0.25in;">5.</td>
<td style="text-align: justify;">MARKETABLE SECURITIES</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Marine Products’ marketable securities are held with a large, well-capitalized financial institution. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designations as of each balance sheet date. Debt securities are classified as available-for-sale because the Company does not have the intent to hold the securities to maturity. Available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale securities are included in interest income.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The net realized gains and the reclassification of net realized gains from other comprehensive income are as follows:</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 60%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-top: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-top: black 2px solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-top: black 2px solid;" colspan="6" nowrap="nowrap">Three months ended</td>
<td style="border-top: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="6" nowrap="nowrap">March 31,</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2015</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 4px double; text-align: left; width: 812px;">Net realized gain</td>
<td style="border-bottom: black 4px double; width: 11px; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; width: 11px; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; width: 110px; font-weight: bold;">-</td>
<td style="border-bottom: black 4px double; text-align: left; width: 11px; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; width: 11px;"> </td>
<td style="border-bottom: black 4px double; text-align: left; width: 11px;">$</td>
<td style="border-bottom: black 4px double; text-align: right; width: 109px;">21</td>
<td style="border-bottom: black 4px double; text-align: left; width: 10px;"> </td>
</tr>
<tr style="background-color: transparent; vertical-align: bottom;">
<td style="border-bottom: black 4px double; text-align: left; padding-left: 17.1pt;">Reclassification of net realized gains from other comprehensive income</td>
<td style="border-bottom: black 4px double; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">-</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">21</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Gross unrealized gains (losses) on marketable securities are as follows:</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 27pt; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">March 31, 2016</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="6" nowrap="nowrap">December 31, 2015</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Gross unrealized</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="6" nowrap="nowrap">Gross unrealized</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 2px; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gains</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">(Losses)</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Gains</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">(Losses)</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; width: 722px;">Municipal Obligations</td>
<td style="width: 16px; font-weight: bold;"> </td>
<td style="text-align: left; width: 16px; font-weight: bold;">$</td>
<td style="text-align: right; width: 150px; font-weight: bold;">65</td>
<td style="text-align: left; width: 15px; font-weight: bold;"> </td>
<td style="width: 15px; font-weight: bold;"> </td>
<td style="text-align: left; width: 15px; font-weight: bold;">$</td>
<td style="text-align: right; width: 150px; font-weight: bold;">(17</td>
<td style="text-align: left; width: 15px; font-weight: bold;">)</td>
<td style="width: 15px;"> </td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 150px;">4</td>
<td style="text-align: left; width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 150px;">(4</td>
<td style="text-align: left; width: 15px;">)</td>
</tr>
<tr style="background-color: transparent; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2px;">Corporate Obligations</td>
<td style="padding-bottom: 2px; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">27</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">(1</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;">)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">22</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">(25</td>
<td style="border-bottom: black 2px solid; text-align: left;">)</td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="padding-bottom: 4px;"> </td>
<td style="padding-bottom: 4px; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">92</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">(18</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">)</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">26</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(29</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
</tr>
</table>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">  </div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The amortized cost basis, fair value and net unrealized gains on the available-for-sale securities are as follows:</p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">March 31, 2016</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap">December 31, 2015</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid;" nowrap="nowrap">Type of Securities</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amortized<br />Cost Basis</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Fair<br />Value</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net<br />Unrealized<br />Gains</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Amortized<br />Cost Basis</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Fair <br />Value</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Net<br />Unrealized<br />Gains<br />(Losses)</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic;">(in thousands)</td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; width: 627px;">Municipal Obligations</td>
<td style="width: 16px; font-weight: bold;"> </td>
<td style="text-align: left; width: 16px; font-weight: bold;">$</td>
<td style="text-align: right; width: 110px; font-weight: bold;">35,582</td>
<td style="text-align: left; width: 16px; font-weight: bold;"> </td>
<td style="width: 16px; font-weight: bold;"> </td>
<td style="text-align: left; width: 16px; font-weight: bold;">$</td>
<td style="text-align: right; width: 110px; font-weight: bold;">35,630</td>
<td style="text-align: left; width: 16px; font-weight: bold;"> </td>
<td style="width: 16px; font-weight: bold;"> </td>
<td style="text-align: left; width: 16px; font-weight: bold;">$</td>
<td style="text-align: right; width: 110px; font-weight: bold;">48</td>
<td style="text-align: left; width: 16px; font-weight: bold;"> </td>
<td style="width: 16px;"> </td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 110px;">30,996</td>
<td style="text-align: left; width: 16px;"> </td>
<td style="width: 15px;"> </td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 109px;">30,996</td>
<td style="text-align: left; width: 15px;"> </td>
<td style="width: 15px;"> </td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 109px;">0</td>
<td style="text-align: left; width: 15px;"> </td>
</tr>
<tr style="background-color: transparent; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2px;">Corporate Obligations</td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">5,221</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">5,247</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">26</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">3,961</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">3,958</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">(3</td>
<td style="border-bottom: black 2px solid; text-align: left;">)</td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="padding-bottom: 4px;">Total</td>
<td style="border-bottom: black 4px double; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">40,803</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">40,877</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">74</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">34,957</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">34,954</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(3</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Municipal obligations consist primarily of municipal notes rated AA- or higher ranging in maturity from less than one year to over 20 years. Corporate obligations consist primarily of debentures and notes issued by other companies ranging in maturity from one to five years. These securities are rated BBB+ or higher. Investments with remaining maturities of less than 12 months are considered to be current marketable securities. Investments with remaining maturities greater than 12 months are considered to be non-current marketable securities. The Company’s non-current marketable securities are scheduled to mature between 2017 and 2037.</div>
</div>
<div>
<table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: left; width: 0.25in;">6.</td>
<td style="text-align: justify;">WARRANTY COSTS AND OTHER CONTINGENCIES</td>
</tr>
</table>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><u>Warranty Costs</u></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">For our Chaparral products, Marine Products provides a lifetime limited structural hull warranty against defects in material and workmanship for the original purchaser, and a five-year limited structural hull warranty for one subsequent owner. Additionally, a non-transferable five-year limited structural deck warranty against defects in materials and workmanship is available to the original owner. Warranties on additional items are provided for periods of one to five years.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">For our Robalo products, Marine Products provides a transferable ten-year limited structural hull warranty against defects in material and workmanship to the original owner, and a five-year limited hull warranty to one subsequent owner. Additionally, Marine Products provides a transferable one-year limited warranty on other components.</p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">
<p style="text-align: center; widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"></p>
 </div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The manufacturers of the engines included on our boats provide various warranties on their products as well. An analysis of the warranty accruals for the three months ended March 31, 2016 and 2015 is as follows:</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: justify; font-style: italic; border-top: black 2px solid;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;" colspan="2" nowrap="nowrap">2015</td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: justify; width: 1129px;">Balance at beginning of period</td>
<td style="width: 15px; font-weight: bold;"> </td>
<td style="text-align: left; width: 14px; font-weight: bold;">$</td>
<td style="text-align: right; width: 98px; font-weight: bold;">3,405</td>
<td style="text-align: left; width: 14px; font-weight: bold;"> </td>
<td style="width: 14px;"> </td>
<td style="text-align: left; width: 14px;">$</td>
<td style="text-align: right; width: 98px;">3,836</td>
<td style="text-align: left; width: 14px;"> </td>
</tr>
<tr style="background-color: transparent; vertical-align: bottom;">
<td style="text-align: justify;">Less: Payments made during the period</td>
<td style="font-weight: bold;"> </td>
<td style="text-align: left; font-weight: bold;"> </td>
<td style="text-align: right; font-weight: bold;">(774</td>
<td style="text-align: left; font-weight: bold;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(374</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: justify;">Add: Warranty provision for the period</td>
<td style="font-weight: bold;"> </td>
<td style="text-align: left; font-weight: bold;"> </td>
<td style="text-align: right;
font-weight: bold;">679</td>
<td style="text-align: left; font-weight: bold;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">829</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: transparent; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; padding-left: 0.375in;">Changes to warranty provision for prior periods</td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">(137</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;">)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">(443</td>
<td style="border-bottom: black 2px solid; text-align: left;">)</td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 4px double; text-align: justify;">Balance at March 31</td>
<td style="border-bottom: black 4px double; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">3,173</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">3,848</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
</tr>
</table>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The warranty accruals are reflected in accrued expenses and other liabilities on the consolidated balance sheets.</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><u>Repurchase Obligations</u></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company is a party to various agreements with third party lenders that provide floor plan financing to qualifying dealers whereby the Company guarantees varying amounts of debt on boats in dealer inventory. The Company’s obligation under these guarantees becomes effective in the case of a default under the financing arrangement between the dealer and the third party lender. The agreements provide for the return of repossessed boats to the Company in new and unused condition subject to normal wear and tear as defined, in exchange for the Company’s assumption of specified percentages of the debt obligation on those boats, up to certain contractually determined dollar limits by the lenders. During the three months ended March 31, 2016 the Company repurchased inventory of approximately $450 thousand. The Company had no material repurchases of inventory during the three months ended March 31, 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Management continues to monitor the risk of defaults and resulting repurchase obligations based in part on information provided by third-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is to not exceed 16 percent of the amount of the average net receivables financed by the floor plan lender for our dealers during the prior 12 month period, which was $8.8 million as of March 31, 2016. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $7.9 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of approximately $16.7 million as of March 31, 2016.</div>
</div>
<div>
<table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: left; width: 0.25in;">7.</td>
<td style="text-align: justify;">BUSINESS SEGMENT INFORMATION</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<div style="widows: 1; text-transform: none; text-indent: 0in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company has only one reportable segment, its powerboat manufacturing business; therefore, the majority of segment-related disclosures are not relevant to the Company. In addition, the Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model.</div>
</div>
<div>
<table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: left; width: 0.25in;">8.</td>
<td style="text-align: justify;">INVENTORIES</td>
</tr>
</table>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Inventories consist of the following:</p>
<p style="widows: 1; text-transform: none; text-indent: 0.25in; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 75%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic; border-top: black 2px solid;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid; font-weight: bold;" colspan="2" nowrap="nowrap">March 31,<br />2016</td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2" nowrap="nowrap">December 31,<br />2015</td>
<td style="border-bottom: black 2px solid; border-top: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; padding-left: 12.6pt; width: 911px;">Raw materials and supplies</td>
<td style="width: 13px; font-weight: bold;"> </td>
<td style="text-align: left; width: 13px; font-weight: bold;">$</td>
<td style="text-align: right; width: 126px; font-weight: bold;">17,802</td>
<td style="text-align: left; width: 12px; font-weight: bold;"> </td>
<td style="width: 12px;"> </td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">17,058</td>
<td style="text-align: left; width: 12px;"> </td>
</tr>
<tr style="background-color: transparent; vertical-align: bottom;">
<td style="text-align: left;">Work in process</td>
<td style="font-weight: bold;"> </td>
<td style="text-align: left; font-weight: bold;"> </td>
<td style="text-align: right; font-weight: bold;">7,823</td>
<td style="text-align: left; font-weight: bold;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,562</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;">Finished goods</td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">6,032</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">8,018</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: transparent; vertical-align: bottom;">
<td style="border-bottom: black 4px double; text-align: left;">Total inventories</td>
<td style="border-bottom: black 4px double; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">31,657</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">32,638</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
</tr>
</table>
</div>
<div>
<table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="text-align: left; width: 0.25in;">9.</td>
<td style="text-align: justify;">INCOME TAXES</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for any change to prior year estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company's current annual estimated tax rate.</p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">For the first quarter of 2016, the income tax provision reflects an effective tax rate of 31.7 percent, compared to an effective tax rate of 33.0 percent for the comparable period in the prior year.  The effective rate is the result of continued beneficial permanent differences including tax-exempt interest income and a favorable U.S. manufacturing deduction. The first quarter 2016 effective tax rate is lower than the prior year primarily due to certain beneficial permanent tax differences generated from life insurance proceeds recorded during the first quarter.</font> <font style="font-family: 'times new roman', times, serif;">The Company adopted the provisions of Accounting Standards Update 2015-17 as of December 31, 2015 that requires all deferred tax balances to be classified as non-current.  Accordingly, the net deferred tax balance has been reflected as a non-current asset in the accompanying balance sheet as of March 31, 2016.</font></div>
</div>
<div>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 18pt;">10.</td>
<td style="text-align: justify;">EMPLOYEE BENEFIT PLANS</td>
</tr>
</table>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 40.5pt; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company participates in a multiple employer pension plan. The following represents the net periodic benefit (credit) cost and related components for the plan:</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 60%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.75in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="6"> </td>
<td style="border-bottom: black 2px solid;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="6" nowrap="nowrap">Three months ended <br />March 31,</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: justify;"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2">2016</td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">2015</td>
<td style="border-bottom: black 2px solid;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: justify; width: 652px;">Interest cost</td>
<td style="width: 11px; font-weight: bold;"> </td>
<td style="text-align: left; width: 11px; font-weight: bold;">$</td>
<td style="text-align: right; width: 152px; font-weight: bold;">69</td>
<td style="text-align: left; width: 10px; font-weight: bold;"> </td>
<td style="width: 10px;"> </td>
<td style="text-align: left; width: 10px;">$</td>
<td style="text-align: right; width: 152px;">64</td>
<td style="text-align: left; width: 10px;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: justify;">Expected return on plan assets</td>
<td style="font-weight: bold;"> </td>
<td style="text-align: left; font-weight: bold;"> </td>
<td style="text-align: right; font-weight: bold;">(102</td>
<td style="text-align: left; font-weight: bold;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(105</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;">Amortization of net losses</td>
<td style="border-bottom: black 2px solid; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid; text-align: right; font-weight: bold;">21</td>
<td style="border-bottom: black 2px solid; text-align: left; font-weight: bold;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">19</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 4px double; text-align: justify;">Net periodic benefit (credit)</td>
<td style="border-bottom: black 4px double; font-weight: bold;"> </td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">$</td>
<td style="border-bottom: black 4px double; text-align: right; font-weight: bold;">(12</td>
<td style="border-bottom: black 4px double; text-align: left; font-weight: bold;">)</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(22</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company made contributions to this plan of $180 thousand during the three months ended March 31, 2016.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company permits selected highly compensated employees
to defer a portion of their compensation into a non-qualified Supplemental Executive Retirement Plan (“SERP”). The Company maintains certain securities in the SERP that have been classified as trading. The SERP assets are marked to market and totaled $6,429,000 as of March 31, 2016 and $6,491,000 as of December 31, 2015. The SERP assets are reported in other non-current assets on the consolidated balance sheets and changes to the fair value of the assets are reported in selling, general and administrative expenses in the consolidated statements of operations.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Trading losses related to the SERP assets totaled approximately $63,000 during the three months ended March 31, 2016, compared to trading gains of $53,000 during the three months ended March 31, 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">In connection with death of an executive officer during the first quarter of 2016, the Company recorded tax free gains of approximately $1.1 million comprised of the following: $556 thousand generated by the insurance death proceeds to be received of approximately $1.9 million after considering the previously recorded cash surrender value of $1.4 million under a Company-owned life insurance contract, and $500 thousand as a result of insurance death benefits to be received from a key-man life insurance policy. The net gain is reflected as part of selling, general and administrative expenses.</div>
</div>
<div>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 18pt;">11.</td>
<td style="text-align: justify;">FAIR VALUE MEASUREMENTS</td>
</tr>
</table>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows:</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">1.          Level 1 – Quoted market prices in active markets for identical assets or liabilities.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">2.          Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">3.          Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of March 31, 2016 and December 31, 2015:</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="10" nowrap="nowrap">Fair Value Measurements at March 31, 2016 with:</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Quoted prices<br />in active<br />markets for<br />identical <br />assets</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Significant<br />other observable<br />inputs</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Significant<br />unobservable<br />inputs</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 1)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 2)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 3)</td>
<td style="border-bottom: black 2px solid;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="padding-left: 5.4pt;">Assets:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt; width: 877px;">Trading securities</td>
<td style="border-bottom: black 2px solid; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 146px;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 146px;">6,429</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;"> </td>
<td style="border-bottom: black 2px solid; width: 14px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 145px;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">Available-for-sale securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">       Municipal obligations</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">35,630</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">       Corporate obligations</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">5,247</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 9pt;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">40,877</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="10" nowrap="nowrap">Fair Value Measurements at December 31, 2015 with:</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Quoted<br />prices in<br />active<br />markets for<br />identical<br />assets</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Significant<br />other <br />observable<br />inputs</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Significant<br />unobservable<br />inputs</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 1)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 2)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 3)</td>
<td style="border-bottom: black 2px solid;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="padding-left: 5.4pt;">Assets:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt; width: 877px;">Trading securities</td>
<td style="border-bottom: black 2px solid; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 146px;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 146px;">6,491</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;"> </td>
<td style="border-bottom: black 2px solid; width: 14px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 145px;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">Available-for-sale securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">       Municipal obligations</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">30,996</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">       Corporate obligations</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">3,958</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 9pt;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">34,954</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
</tr>
</table>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </div>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> The carrying amount of other financial instruments reported in the consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short-term nature of these instruments.</div>
</div>
<div>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 18pt;"><font style="font-weight: normal;">12.</font></td>
<td><font style="font-weight: normal;">ACCUMULATED OTHER COMPREHENSIVE LOSS</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 20pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<p style="widows: 1; text-transform: none; text-indent: 20pt; margin: 0pt 0px 0pt 9pt; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Accumulated other comprehensive loss consists of the following:</p>
<p style="widows: 1; text-transform: none; text-indent: 20pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 75%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.4in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Pension  <br />Adjustment</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unrealized<br />Gain On<br />Securities</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="width: 765px;">Balance at December 31, 2015</td>
<td style="width: 13px;"> </td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">(1,899</td>
<td style="text-align: left; width: 13px;">)</td>
<td style="width: 13px;"> </td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">(2</td>
<td style="text-align: left; width: 12px;">)</td>
<td style="width: 12px;"> </td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">(1,901</td>
<td style="text-align: left; width: 12px;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>Change during the period ended March 31, 2016:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left;">  Before-tax amount</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">_</td>
<td style="text-align: left;"></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">77</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">77</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">  Tax provision</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">_</td>
<td style="text-align: left;"></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(27</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(27</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left;">  Reclassification adjustment,  net of taxes</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">      Amortization of net loss <sup>(1)</sup></font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">14</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">14</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">      Net realized gain <sup>(2)</sup></font></td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;">Total activity for the period</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">14</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">50</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">64</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 4px double;">Balance at March 31, 2016</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(1,885</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">48</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(1,837</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;">(1)</td>
<td>Reported as part of selling, general and administrative expenses.</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;">(2)</td>
<td>Reported as part of interest income.</td>
</tr>
</table>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 75%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.4in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Pension  <br />Adjustment</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unrealized  <br />Gain On<br />Securities</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="width: 765px;">Balance at December 31, 2014</td>
<td style="width: 13px;"> </td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">(2,024</td>
<td style="text-align: left; width: 13px;">)</td>
<td style="width: 13px;"> </td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">55</td>
<td style="text-align: left; width: 12px;"> </td>
<td style="width: 12px;"> </td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">(1,969</td>
<td style="text-align: left; width: 12px;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>Change during the period <br />ended March 31, 2015:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left;">  Before-tax amount</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">_</td>
<td style="text-align: left;"></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(10</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(10</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">  Tax  benefit</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">_</td>
<td style="text-align: left;"></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left;">  Reclassification adjustment,  net of taxes</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">      Amortization of net loss <sup>(1)</sup></font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">      Net realized gain <sup>(2)</sup></font></td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">21</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">21</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;">Total activity for the period</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">12</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">14</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">26</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 4px double;">Balance at March 31, 2015</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(2,012</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">69</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(1,943</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 9pt;"></td>
<td style="width: 18pt;">(1)</td>
<td>Reported as part of selling, general and administrative expenses.</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 9pt;"></td>
<td style="width: 18pt;">(2)</td>
<td>Reported as part of interest income.</td>
</tr>
</table>
</div>
<div>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 18pt;">13.</td>
<td>SUBSEQUENT EVENT</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 40.5pt; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">On April 26, 2016, the Board of Directors approved a $0.06 per share cash dividend payable June 10, 2016 to stockholders of record at the close of business May 10, 2016.</div>
</div>
<table style="width: 95%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; margin-left: 0.25in; font-stretch: normal; font-size-adjust: none;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 2px;" nowrap="nowrap"> </td>
<td style="padding-bottom: 2px;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap">
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: center;"><b>Three months ended</b></p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: center;"><b>March 31</b></p>
</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic; text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap">(In thousands)</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;" nowrap="nowrap">2016</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;" nowrap="nowrap">2015</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="width: 1113px; text-align: left;">Net income available for stockholders:</td>
<td style="width: 16px; font-weight: bold;"> </td>
<td style="width: 15px; font-weight: bold; text-align: left;">$</td>
<td style="width: 150px; font-weight: bold; text-align: right;">3,921</td>
<td style="width: 15px; font-weight: bold; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 150px; text-align: right;">2,929</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">Less: Adjustments for earnings attributable to participating securities</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">(129</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;">)</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">(95</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">Net Income in calculating earnings per share</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">3,792</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">2,834</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td>Weighted average shares outstanding (including participating securities)</td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; text-align: right;">38,298</td>
<td style="font-weight: bold; text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">37,028</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">Adjustment for participating securities</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">(1,291</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;">)</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">(1,244</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="text-align: left;">Shares used in calculating basic earnings per share</td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; text-align: right;">37,007</td>
<td style="font-weight: bold; text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">35,784</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">Dilutive effect of stock based awards</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">-</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">236</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">Shares used in calculating diluted earnings per share</td>
<td style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">37,007</td>
<td style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
<td style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">36,020</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 75%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-size-adjust: none;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-style: italic; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap">(in thousands)</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" colspan="6" nowrap="nowrap">Three months ended March 31,</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: justify; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2015</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="width: 928px; text-align: justify;">Pre – tax cost</td>
<td style="width: 13px; font-weight: bold;"> </td>
<td style="width: 13px; font-weight: bold; text-align: left;">$</td>
<td style="width: 126px; font-weight: bold; text-align: right;">1,168</td>
<td style="width: 12px; font-weight: bold; text-align: left;"> </td>
<td style="width: 12px;"> </td>
<td style="width: 12px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">487</td>
<td style="width: 12px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent;">
<td style="text-align: left;">After tax cost</td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold; text-align: left;">$</td>
<td style="font-weight: bold; text-align: right;">753</td>
<td style="font-weight: bold; text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">314</td>
<td style="text-align: left;"> </td>
</tr>
</table>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-size-adjust: none;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" colspan="2" nowrap="nowrap">Shares</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" colspan="2" nowrap="nowrap">Weighted<br />Average<br />Grant-Date<br />Fair Value</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="width: 903px;">Non-vested shares at December 31, 2015</td>
<td style="width: 15px;"> </td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 211px; text-align: right;">1,254,200</td>
<td style="width: 14px; text-align: left;"> </td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 211px; text-align: right;">6.80</td>
<td style="width: 14px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent;">
<td>Granted</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">371,950</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5.77</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td>Vested</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(410,450</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">6.39</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">Forfeited</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">-</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">-</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">Non-vested shares at March 31, 2016</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">1,215,700</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">6.59</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
</tr>
</table>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 60%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-size-adjust: none;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-top-color: black; border-top-width: 2px; border-top-style: solid;" colspan="6" nowrap="nowrap">Three months ended</td>
<td style="border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="6" nowrap="nowrap">March 31,</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap">(in thousands)</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2015</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="width: 812px; text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">Net realized gain</td>
<td style="width: 11px; font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="width: 11px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="width: 110px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">-</td>
<td style="width: 11px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="width: 11px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="width: 11px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="width: 109px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">21</td>
<td style="width: 10px; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-indent: -17.1pt; padding-left: 17.1pt;">Reclassification of net realized gains from other comprehensive income</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">-</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">21</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
</tr>
</table>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-size-adjust: none;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap">March 31, 2016</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap">December 31, 2015</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center;" colspan="6" nowrap="nowrap">Gross unrealized</td>
<td style="font-weight: bold;" nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="6" nowrap="nowrap">Gross unrealized</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic; padding-bottom: 2px;" nowrap="nowrap">(in thousands)</td>
<td style="font-weight: bold; padding-bottom: 2px;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Gains</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Losses)</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Gains</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Losses)</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="width: 722px; text-align: left;">Municipal Obligations</td>
<td style="width: 16px; font-weight: bold;"> </td>
<td style="width: 16px; font-weight: bold; text-align: left;">$</td>
<td style="width: 150px; font-weight: bold; text-align: right;">65</td>
<td style="width: 15px; font-weight: bold; text-align: left;"> </td>
<td style="width: 15px; font-weight: bold;"> </td>
<td style="width: 15px; font-weight: bold; text-align: left;">$</td>
<td style="width: 150px; font-weight: bold; text-align: right;">(17</td>
<td style="width: 15px; font-weight: bold; text-align: left;">)</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 150px; text-align: right;">4</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 150px; text-align: right;">(4</td>
<td style="width: 15px; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent;">
<td style="text-align: left; padding-bottom: 2px;">Corporate Obligations</td>
<td style="font-weight: bold; padding-bottom: 2px;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">27</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">(1</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;">)</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">22</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">(25</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="padding-bottom: 4px;"> </td>
<td style="font-weight: bold; padding-bottom: 4px;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">92</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">(18</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">)</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">26</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">(29</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">)</td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 96%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10" nowrap="nowrap">March 31, 2016</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10" nowrap="nowrap">December 31, 2015</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap">Type of Securities</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Amortized<br />Cost Basis</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Fair<br />Value</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Net<br />Unrealized<br />Gains</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Amortized<br />Cost Basis</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Fair <br />Value</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Net<br />Unrealized<br />Gains<br />(Losses)</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic;">(in thousands)</td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="width: 627px; text-align: left;">Municipal Obligations</td>
<td style="width: 16px; font-weight: bold;"> </td>
<td style="width: 16px; font-weight: bold; text-align: left;">$</td>
<td style="width: 110px; font-weight: bold; text-align: right;">35,582</td>
<td style="width: 16px; font-weight: bold; text-align: left;"> </td>
<td style="width: 16px; font-weight: bold;"> </td>
<td style="width: 16px; font-weight: bold; text-align: left;">$</td>
<td style="width: 110px; font-weight: bold; text-align: right;">35,630</td>
<td style="width: 16px; font-weight: bold; text-align: left;"> </td>
<td style="width: 16px; font-weight: bold;"> </td>
<td style="width: 16px; font-weight: bold; text-align: left;">$</td>
<td style="width: 110px; font-weight: bold; text-align: right;">48</td>
<td style="width: 16px; font-weight: bold; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 110px; text-align: right;">30,996</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 109px; text-align: right;">30,996</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 109px; text-align: right;">0</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent;">
<td style="text-align: left; padding-bottom: 2px;">Corporate Obligations</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">5,221</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">5,247</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">26</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">3,961</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">3,958</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">(3</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="padding-bottom: 4px;">Total</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">40,803</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">40,877</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">74</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">34,957</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">34,954</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">(3</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">)</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-size-adjust: none;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-style: italic; text-align: justify; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap">(in thousands)</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" colspan="2" nowrap="nowrap">2015</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="width: 1129px; text-align: justify;">Balance at beginning of period</td>
<td style="width: 15px; font-weight: bold;"> </td>
<td style="width: 14px; font-weight: bold; text-align: left;">$</td>
<td style="width: 98px; font-weight: bold; text-align: right;">3,405</td>
<td style="width: 14px; font-weight: bold; text-align: left;"> </td>
<td style="width: 14px;"> </td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 98px; text-align: right;">3,836</td>
<td style="width: 14px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent;">
<td style="text-align: justify;">Less: Payments made during the period</td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; text-align: right;">(774</td>
<td style="font-weight: bold; text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(374</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="text-align: justify;">Add: Warranty provision for the period</td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; text-align: right;">679</td>
<td style="font-weight: bold; text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">829</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left; padding-left: 0.375in;">Changes to warranty provision for prior periods</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">(137</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;">)</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">(443</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="text-align: justify; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">Balance at March 31</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">3,173</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">3,848</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
</tr>
</table>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 75%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-size-adjust: none;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-style: italic; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap">(in thousands)</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" colspan="2" nowrap="nowrap">March 31,<br />2016</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" colspan="2" nowrap="nowrap">December 31,<br />2015</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; border-top-color: black; border-top-width: 2px; border-top-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="width: 911.203px; text-align: left; text-indent: -12.6pt; padding-left: 12.6pt;">Raw materials and supplies</td>
<td style="width: 13px; font-weight: bold;"> </td>
<td style="width: 13px; font-weight: bold; text-align: left;">$</td>
<td style="width: 126px; font-weight: bold; text-align: right;">17,802</td>
<td style="width: 12px; font-weight: bold; text-align: left;"> </td>
<td style="width: 12px;"> </td>
<td style="width: 12px; text-align: left;">$</td>
<td style="width: 125px; text-align: right;">17,058</td>
<td style="width: 12px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent;">
<td style="text-align: left;">Work in process</td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; text-align: right;">7,823</td>
<td style="font-weight: bold; text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,562</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">Finished goods</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">6,032</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">8,018</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">Total inventories</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">31,657</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">32,638</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td>
</tr>
</table>
<table align="left" style="font: 10pt/normal 'times new roman', times, serif; width: 70%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.75in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-style: italic; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap">Three months ended <br />March 31,</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: justify;"> </td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2">2016</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2">2015</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="width: 652px; text-align: justify;">Interest cost</td>
<td style="width: 11px; font-weight: bold;"> </td>
<td style="width: 11px; font-weight: bold; text-align: left;">$</td>
<td style="width: 152px; font-weight: bold; text-align: right;">69</td>
<td style="width: 10px; font-weight: bold; text-align: left;"> </td>
<td style="width: 10px;"> </td>
<td style="width: 10px; text-align: left;">$</td>
<td style="width: 152px; text-align: right;">64</td>
<td style="width: 10px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: justify;">Expected return on plan assets</td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold; text-align: left;"> </td>
<td style="font-weight: bold; text-align: right;">(102</td>
<td style="font-weight: bold; text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(105</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: azure;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">Amortization of net losses</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: right;">21</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; font-weight: bold; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;">19</td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: justify; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">Net periodic benefit (credit)</td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: right;">(12</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; font-weight: bold; text-align: left;">)</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">(22</td>
<td style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">)</td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="10" nowrap="nowrap">Fair Value Measurements at March 31, 2016 with:</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Quoted prices<br />in active<br />markets for<br />identical <br />assets</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Significant<br />other observable<br />inputs</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Significant<br />unobservable<br />inputs</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 1)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 2)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 3)</td>
<td style="border-bottom: black 2px solid;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="padding-left: 5.4pt;">Assets:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt; width: 877px;">Trading securities</td>
<td style="border-bottom: black 2px solid; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 146px;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 146px;">6,429</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;"> </td>
<td style="border-bottom: black 2px solid; width: 14px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 145px;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">Available-for-sale securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">       Municipal obligations</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">35,630</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">       Corporate obligations</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">5,247</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 9pt;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">40,877</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap"> </td>
<td style="text-align: center;" colspan="10" nowrap="nowrap">Fair Value Measurements at December 31, 2015 with:</td>
<td nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Quoted<br />prices in<br />active<br />markets for<br />identical<br />assets</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Significant<br />other <br />observable<br />inputs</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">Significant<br />unobservable<br />inputs</td>
<td style="border-bottom: black 2px solid;" nowrap="nowrap"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 1)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 2)</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">(Level 3)</td>
<td style="border-bottom: black 2px solid;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="padding-left: 5.4pt;">Assets:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt; width: 877px;">Trading securities</td>
<td style="border-bottom: black 2px solid; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 146px;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; width: 15px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 146px;">6,491</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;"> </td>
<td style="border-bottom: black 2px solid; width: 14px;"> </td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;">$</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 145px;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 14px;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">Available-for-sale securities:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">       Municipal obligations</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">30,996</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left; padding-left: 9pt;">       Corporate obligations</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">3,958</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 9pt;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">34,954</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
</tr>
</table>
<div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 75%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.4in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Pension  <br />Adjustment</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unrealized<br />Gain On<br />Securities</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="width: 765px;">Balance at December 31, 2015</td>
<td style="width: 13px;"> </td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">(1,899</td>
<td style="text-align: left; width: 13px;">)</td>
<td style="width: 13px;"> </td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">(2</td>
<td style="text-align: left; width: 12px;">)</td>
<td style="width: 12px;"> </td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">(1,901</td>
<td style="text-align: left; width: 12px;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>Change during the period ended March 31, 2016:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left;">  Before-tax amount</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">_</td>
<td style="text-align: left;"></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">77</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">77</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">  Tax provision</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">_</td>
<td style="text-align: left;"></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(27</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(27</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left;">  Reclassification adjustment,  net of taxes</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">      Amortization of net loss <sup>(1)</sup></font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">14</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">14</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">      Net realized gain <sup>(2)</sup></font></td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;">Total activity for the period</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">14</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">50</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">64</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 4px double;">Balance at March 31, 2016</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(1,885</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">48</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(1,837</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;">(1)</td>
<td>Reported as part of selling, general and administrative expenses.</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;">(2)</td>
<td>Reported as part of interest income.</td>
</tr>
</table>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">  </div>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 75%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; margin-left: 0.4in; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; font-style: italic;" nowrap="nowrap">(in thousands)</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Pension  <br />Adjustment</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unrealized  <br />Gain On<br />Securities</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
<td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total</td>
<td style="border-bottom: black 2px solid; font-weight: bold;" nowrap="nowrap"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="width: 765px;">Balance at December 31, 2014</td>
<td style="width: 13px;"> </td>
<td style="text-align: left; width: 13px;">$</td>
<td style="text-align: right; width: 126px;">(2,024</td>
<td style="text-align: left; width: 13px;">)</td>
<td style="width: 13px;"> </td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">55</td>
<td style="text-align: left; width: 12px;"> </td>
<td style="width: 12px;"> </td>
<td style="text-align: left; width: 12px;">$</td>
<td style="text-align: right; width: 125px;">(1,969</td>
<td style="text-align: left; width: 12px;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>Change during the period <br />ended March 31, 2015:</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left;">  Before-tax amount</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">_</td>
<td style="text-align: left;"></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(10</td>
<td style="text-align: left;">)</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">(10</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">  Tax  benefit</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">_</td>
<td style="text-align: left;"></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="text-align: left;">  Reclassification adjustment,  net of taxes</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">      Amortization of net loss <sup>(1)</sup></font></td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">-</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">      Net realized gain <sup>(2)</sup></font></td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">21</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">21</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;">Total activity for the period</td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">12</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">14</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid;"> </td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
<td style="border-bottom: black 2px solid; text-align: right;">26</td>
<td style="border-bottom: black 2px solid; text-align: left;"> </td>
</tr>
<tr style="background-color: azure; vertical-align: bottom;">
<td style="border-bottom: black 4px double;">Balance at March 31, 2015</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(2,012</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">69</td>
<td style="border-bottom: black 4px double; text-align: left;"> </td>
<td style="border-bottom: black 4px double;"> </td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">(1,943</td>
<td style="border-bottom: black 4px double; text-align: left;">)</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 9pt;"></td>
<td style="width: 18pt;">(1)</td>
<td>Reported as part of selling, general and administrative expenses.</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 9pt;"></td>
<td style="width: 18pt;">(2)</td>
<td>Reported as part of interest income.</td>
</tr>
</table>
</div>
236000
487000
1168000
314000
753000
1215700
1254200
371950
410450
6.59
6.80
5.77
6.39
3000000
P10Y
2248300
2254000
2560000
185000
151000
7887000
4.2 years
21000
21000
26000
4000
22000
92000
65000
27000
29000
4000
25000
18000
17000
1000
34957000
30996000
3961000
40803000
35582000
5221000
34954000
30996000
3958000
30996000
3958000
40877000
35630000
5247000
35630000
5247000
-3000
0
-3000
74000
48000
26000
less than one year to over 20 years
one to five years
less than 12 months
greater than 12 months
between 2017 and 2037
3405000
3173000
3836000
3848000
374000
774000
829000
679000
443000
137000
P10Y
P5Y
P5Y
P5Y
one to five years.
P1Y
0.16
8800000
7900000
16700000
1
17058000
17802000
7562000
7823000
8018000
6032000
0.330
0.317
64000
69000
105000
102000
-19000
-21000
-22000
-12000
180000
6491000
6429000
53000
-63000
6491000
6429000
-10000
-10000
77000
77000
3000
3000
-27000
-27000
26000
12000
14000
64000
14000
50000
2016-04-26
0.06
2016-06-10
2016-05-10
258000
274000
2834000
3792000
95000
129000
37028000
38298000
-1244000
-1291000
660000
450000
1400000
1900000
1100000
556000
500000
Reported as part of selling, general and administrative expenses.
Reported as part of interest income.
34954000
40877000